DFDS' financial performance in Q3 2010 was as a whole better than expected, and the pre-tax profit forecast for the full year -excluding special items related to Norfolkline - has been upgraded to approximately 375m kroner, from previous 325m kroner.
"Performance-wise, we are very satisfied with the third quarter, in which volume growth in the freight market, particularly in the Baltic Sea, remained at a higher level than expected", says DFDS CEO Niels Smedegaard.
"We have gotten off to a really good start in the integration of DFDS and Norfolkline, both in operational terms and culturally, and the potential that we see in front of us meets our
Expectations", says Smedegaard.
Revenue increased by 84.6% to DKK 3,359 million. Operating profit (EBITDA) before special items increased by 70.1% to DKK 539 million. Profit before tax and special items increased by 100% to DKK 288 million.
Trends in markets and activities: Volumes continued to grow in the North European freight and logistics market. Solid growth in passenger and freight activities in the Baltic Sea
North Sea impacted by imbalances in freight flows. Passenger markets in the route network were generally stable and growing. Activities in the Irish Sea remain impacted by overcapacity. Freight volumes and rates in the English Channel negatively impacted by increased price competition from Eurotunnel.
Profit forecast for 2010:
For the full year 2010, a profit before special items and tax is expected at around DKK 375 million. The previous pre-tax profit forecast was approximately DKK 325 million.
Special cost items are expected to amount to DKK 125 mill. against previously DKK
150 million.
"Performance-wise, we are very satisfied with the third quarter, in which volume growth in the freight market, particularly in the Baltic Sea, remained at a higher level than expected", says DFDS CEO Niels Smedegaard.
"We have gotten off to a really good start in the integration of DFDS and Norfolkline, both in operational terms and culturally, and the potential that we see in front of us meets our
Expectations", says Smedegaard.
Revenue increased by 84.6% to DKK 3,359 million. Operating profit (EBITDA) before special items increased by 70.1% to DKK 539 million. Profit before tax and special items increased by 100% to DKK 288 million.
Trends in markets and activities: Volumes continued to grow in the North European freight and logistics market. Solid growth in passenger and freight activities in the Baltic Sea
North Sea impacted by imbalances in freight flows. Passenger markets in the route network were generally stable and growing. Activities in the Irish Sea remain impacted by overcapacity. Freight volumes and rates in the English Channel negatively impacted by increased price competition from Eurotunnel.
Profit forecast for 2010:
For the full year 2010, a profit before special items and tax is expected at around DKK 375 million. The previous pre-tax profit forecast was approximately DKK 325 million.
Special cost items are expected to amount to DKK 125 mill. against previously DKK
150 million.